STOCK MARKET WATCH -- Thursday, 19 July 2012

[DemReadingDU]

47. Karl Denninger: Thursday Musings On Financial Fraud

7/19/12 Thursday Musings On Financial Fraud

What's particularly galling about a list like this is the utter lack of attention that it has garnered in the political sphere. And I'm not talking about Barry's screed or Max picking it up either -- I'm talking about the fact that this has been going on for five years on a more-or-less uninterrupted basis and nobody has been indicted, prosecuted or jailed -- nor have any politicians taken this as a prime campaign issue.
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In the meantime when your lefty and righty friends try to claim that "nobody committed any crimes" may I recommend you feast on the nice list that Barry Ritholz put together -- I don't think I missed many of these but it is nice of Barry to put them all together in one place, complete with links to the original source stories.

I will continue to maintain that until these frauds and felones do matter, and prosecutions follow, there will be no actual economic recovery -- because there can't be. Nobody in their right mind leads with their nuts when some of their competitors are known to have a free pass on any sort of illegal act they might choose to commit in an attempt to squash entrepreneurial upstarts.

Until the outrage, followed by indictments, prosecutions and imprisonment starts of the banksters and those affiliated with them, there will be no actual economic recovery. Markets will go up and they will go down, but the premise of a stock market floating on fraud is one that cannot be trusted or invested in -- and thus for virtually everyone in the "real world" the only defensible act is to stay away.

That's the unfortunate lesson that one must garner from the last five years.

http://market-ticker.org/akcs-www?post=208871